Key Highlights
- BLS E-Services approves acquisition of 100% stake in Atyati Technologies.
- Deal valued at approximately ₹154 crore through cash consideration.
- Atyati Technologies reported FY25 revenue of ₹395.6 crore.
- Acquisition expected to be completed on or before March 31, 2026.
- Target company operates across more than 1 lakh villages in India.
- Board proposes change in IPO fund utilisation and timeline extension.
- EGM scheduled for March 16, 2026 via virtual mode.
BLS E-Services Limited has approved a strategic move to acquire Atyati Technologies Private Limited, alongside proposing changes in the utilisation of its IPO proceeds, following decisions taken during the company’s Board of Directors meeting held on February 16, 2026. The acquisition is aimed at strengthening the company’s presence in financial inclusion and business correspondent services across India.
The board approved entering into a binding agreement to acquire 100% equity shares of Atyati Technologies from its existing shareholders. Upon completion of the transaction, Atyati Technologies will become a wholly owned subsidiary of BLS E-Services. The acquisition remains subject to approvals from lenders, financial institutions, regulatory authorities, and completion of definitive agreements.
Atyati Technologies operates in business correspondent (BC) services, enabling banks to deliver last-mile financial connectivity, micro-lending services, and technology solutions. The acquisition aligns with BLS E-Services’ strategy to expand and consolidate its BC business while enhancing outreach in underserved and rural markets.
The target company reported revenue from operations of ₹395.6 crore in FY25 and has demonstrated steady growth over recent years, with turnover rising from ₹312.3 crore in FY23 to ₹389.9 crore in FY24. Headquartered in Bengaluru and incorporated in 2006, Atyati Technologies operates across India with an agent network spanning more than one lakh villages, focusing on financial inclusion services.
The acquisition is proposed to be completed on or before March 31, 2026, subject to necessary approvals and fulfilment of conditions precedent. The transaction will be executed through cash consideration based on an equity valuation of approximately ₹154 crore.
Separately, the board also approved and recommended shareholder approval for changes and variation in the objects of utilisation of IPO proceeds, along with an extension of the timeline for deployment of the funds. To seek shareholder consent, the company will convene an Extraordinary General Meeting (EGM) on March 16, 2026 through video conferencing and other audio-visual means.